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Join the Securities Litigation and Enforcement Group on LinkedInSilvergate Stock Plunges as Bank Says It May Face DOJ, Congressional and Bank Regulator Inquiries
Silvergate Bank announced it would delay the filing of its annual report on Wednesday, sending its stock price plunging over 10% in after-hours trading. The crypto-friendly bank has said it would have to delay the filing of its annual 10-K report for the 2022 fiscal year, and would need more than an additional two weeks […]
Glencore sentenced to pay $700 million in US after bribery guilty plea | Reuters
A U.S. judge on Tuesday ordered Glencore Plc (GLEN.L) to pay $700 million in connection with its guilty plea over a decade-long scheme to bribe foreign officials across several countries. The sentence handed down by U.S. District Judge Lorna Schofield in Manhattan federal court consisted of a $428.5 million fine and $272 million in forfeiture, […]
Paul Hastings Adds Premier Commercial and Securities Litigator Jennifer Conn | Paul Hastings LLP
Paul Hastings LLP announced today that leading commercial and securities litigator Jennifer Conn, who has represented some of the world’s largest businesses in bet-the-company litigation, has joined the firm as a partner. She will co-chair the firm’s securities litigation practice. Source: Paul Hastings Adds Premier Commercial and Securities Litigator Jennifer Conn | Paul Hastings LLP
CEO of Publicly Traded Health Care Company Charged for Insider Trading Scheme | OPA | Department of Justice
An indictment was unsealed today charging Terren S. Peizer, the CEO and Chairman of the Board of Directors of Ontrak Inc., a publicly traded health care company, for allegedly engaging in an insider trading scheme in which he fraudulently used Rule 10b5-1 trading plans to trade Ontrak stock. “Today’s groundbreaking insider trading indictment demonstrates that […]
Former Indiana Congressman Goes on Trial for Insider Trading – Bloomberg
Former Congressman Stephen Buyer criminally profited from his access to power and confidential information, a federal prosecutor told jurors in the first of a batch of New York insider trading cases to reach trial. “You can make a lot of money in the stock market if you know what is going to happen before it […]
US SEC Plans to Keep Growing Crypto Unit as Enforcement Ramps Up
The regulator, which has been hammering away at the crypto sector under the direction of Chair Gary Gensler, sent a loud message to the industry in May 2022 by announcing it was adding 20 people to its newly named Crypto Assets and Cyber Unit. That nearly doubled the size of the 50-person operation, and an […]
Life Sciences Companies Remained Frequent Securities Suit Targets in 2022 | The D&O Diary
The number of securities class action lawsuits filed against life sciences companies in 2022 declined compared to 2021 but remained relatively steady as a proportion of the total number of securities class action lawsuits filed during the year, according to a new report from the Dechert law firm. The report, entitled “Dechert Survey 2022 Edition: […]
Prosecutors’ Case Against FTX’s Sam Bankman-Fried Becomes Clearer
“In November 2022, the general counsel of FTX.US warned employees that they should preserve documents because of the involvement of regulators, and then posted in a company Slack channel that FTX would need to be shut down,” one section of the superseding indictment said. “Bankman-Fried, however, deleted the general counsel’s message about FTX being shut […]